Soleno Therapeutics, Inc. $SLNO is Siren L.L.C.'s 8th Largest Position

Key Points

• Siren L.L.C. significantly increased its position in Soleno Therapeutics by 106.7% during Q1, now holding 727,337 shares valued at approximately $51.97 million.
• Analysts have set new price targets for Soleno Therapeutics, with estimates ranging from $106.00 to $121.00, reflecting a generally positive outlook with multiple brokerages rating the stock as a "buy."
• The company recently reported a loss of ($0.09) EPS for the quarter, surpassing expectations and generating revenue of $32.66 million, compared to analyst estimates of $3.91 million.

Siren L.L.C. lifted its stake in Soleno Therapeutics, Inc. (NASDAQ:SLNO - Free Report) by 106.7% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 727,337 shares of the company's stock after purchasing an additional 375,519 shares during the quarter. Soleno Therapeutics comprises approximately 3.0% of Siren L.L.C.'s holdings, making the stock its 8th largest position. Siren L.L.C. owned 1.44% of Soleno Therapeutics worth $51,968,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. GAMMA Investing LLC boosted its position in shares of Soleno Therapeutics by 4,377.3% in the 1st quarter. GAMMA Investing LLC now owns 3,358 shares of the company's stock worth $240,000 after purchasing an additional 3,283 shares in the last quarter. Oppenheimer & Co. Inc. bought a new stake in shares of Soleno Therapeutics in the 1st quarter worth approximately $232,000. Mutual of America Capital Management LLC bought a new stake in shares of Soleno Therapeutics in the 1st quarter worth approximately $5,186,000. Arizona State Retirement System boosted its position in shares of Soleno Therapeutics by 9.2% in the 1st quarter. Arizona State Retirement System now owns 7,380 shares of the company's stock worth $527,000 after purchasing an additional 620 shares in the last quarter. Finally, Nuveen LLC bought a new stake in shares of Soleno Therapeutics in the 1st quarter worth approximately $6,061,000. 97.42% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on SLNO shares. TD Cowen started coverage on Soleno Therapeutics in a research report on Monday, June 23rd. They issued a "buy" rating and a $110.00 price target on the stock. Wells Fargo & Company began coverage on Soleno Therapeutics in a research report on Wednesday, August 20th. They issued an "overweight" rating and a $123.00 price target on the stock. Wall Street Zen raised Soleno Therapeutics from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Cowen reaffirmed a "buy" rating on shares of Soleno Therapeutics in a research report on Thursday, August 7th. Finally, Guggenheim reaffirmed a "buy" rating and issued a $106.00 price objective on shares of Soleno Therapeutics in a research report on Wednesday. One research analyst has rated the stock with a Strong Buy rating and eleven have assigned a Buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $115.09.

Soleno Therapeutics Stock Performance

Shares of NASDAQ SLNO traded down $0.74 during midday trading on Friday, hitting $67.67. 923,265 shares of the stock traded hands, compared to its average volume of 1,631,449. The firm has a 50-day moving average of $80.86 and a two-hundred day moving average of $70.70. The firm has a market capitalization of $3.60 billion, a P/E ratio of -16.35 and a beta of -2.71. The company has a debt-to-equity ratio of 0.21, a quick ratio of 15.01 and a current ratio of 15.13. Soleno Therapeutics, Inc. has a one year low of $41.50 and a one year high of $90.32.

Soleno Therapeutics (NASDAQ:SLNO - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported ($0.09) earnings per share for the quarter, beating the consensus estimate of ($0.53) by $0.44. The firm had revenue of $32.66 million for the quarter, compared to the consensus estimate of $3.91 million. On average, equities analysts forecast that Soleno Therapeutics, Inc. will post -3.72 EPS for the current fiscal year.

Insider Buying and Selling at Soleno Therapeutics

In other news, insider Patricia C. Hirano sold 3,830 shares of the stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $82.76, for a total transaction of $316,970.80. Following the transaction, the insider directly owned 13,206 shares of the company's stock, valued at $1,092,928.56. This represents a 22.48% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 6.40% of the stock is owned by insiders.

Soleno Therapeutics Company Profile

Soleno Therapeutics, Inc, a clinical-stage biopharmaceutical company, focuses on the development and commercialization of novel therapeutics for the treatment of rare diseases. Its lead candidate is Diazoxide Choline Extended-Release tablets, a once-daily oral tablet, which is in Phase III clinical trials for the treatment of Prader-Willi Syndrome.